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← Project Art Works

2024-03-31-accounts

REGISTERED COMPANY NUMBER: 05115045 (England and Wales) REGISTERED CHARITY NUMBER: 1104301

(A Company Limited by Guarantee)

Group Report of the Trustees and

Consolidated Audited Financial Statements for the Year Ended 31 March 2024

Image: ‘Residential’ Project Art Works exhibition, Baltic Centre for Contemporary Art

Deeks Evans Audit Services Limited Statutory Auditor First Floor, West Barn North Frith Farm, Ashes Lane, Hadlow Tonbridge Kent TN11 9QU

Project Art Works

Contents of the Consolidated Financial Statements for the Year Ended 31 March 2024

Page
Report of the Trustees 1 to 6
Report of the Independent Auditors 7 to 9
Consolidated Statement of Financial Activities 10
Consolidated Balance Sheet 11
Company Balance Sheet 12
Consolidated Cash Flow Statement 13
Notes to the Consolidated Financial Statements 14 to 25
Detailed Statement of Financial Activities 26 to 27

Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

Charitable Activities

Project Art Works is an independent charity and arts organisation that collaborates with people with complex support needs, families, caregivers, and people working in culture and care.

Our vision is a society that places value on the capabilities of people with complex needs, families and support workers, and invests in stable and sustainable support and care so they can realise their potential. We believe that art can, through both its process and its final form, reflect and articulate ideas that transcend difference and reach people.

Our mission is to change lives through art by exploring potential and promoting works by neurodivergent artists and makers through a wide range of projects, partnerships and exhibitions. Our programmes evolve through personalised, supported studio practice and radiate out to awareness raising, long-term collaborations, and skills development with social care and cultural partners.

Our work aspires to excellence in contemporary visual art and is uniquely positioned to bridge the social care and cultural sectors in ways that promote sustainable relationships and bring people with complex needs into the heart of civic and cultural life.

Our programmes and projects evolve through creative practice and radiate out to awareness raising in the cultural and care sectors - promoting more diverse representation of neurodiverse artists and makers, and those who care for them.

Our work in 2023/24

Our work intersects art and care, responding to neurodivergence, its gifts and impacts. It spans direct practical and holistic support, film, events, projects and exhibitions.

Art Freedom Care: Specialist arts provision for 48 participants with complex needs, During 23/24 we provided 170 creative sessions in our studios. We hold studio sessions on Tuesday-Friday, 36 weeks of the year. Each session is tailored to each person's needs and interests through a personalised approach that facilitates choice and expansive creative practice.

Artists have access to a wide range of media and creative processes including painting, drawing, printmaking, collage, sculpture, animation and photography. The sessions provide the time and space for artists to work with these stimuli and to explore their own potential as artists.

Art Breaks: In 23/24 we supported 165 children for 595 hours through 66 free creative workshops held on Saturdays and school holidays. We have seen a huge increase in demand, and by using our new building Trinity Hall as well as the Arches, we were able to increase the number of places.

"My lasting memory of the workshop will forever be R really laughing. It made me so emotional. He often is full of anxiety and has the weight of the world on his shoulders, but to see him playing and so happy was beautiful. Watching the facilitators play so gently alongside R was really inspiring. I think it's an amazing skill to be able to play alongside a child whilst still being gentle and responsive and not pushing any of their own ideas but fully following the child's lead. This approach was fantastic." Parent Summer 2023

The Support Collective: In 23/24, families and carers met across 35 sessions that covered free specialist training, peer support, PATH personalised aspirational planning sessions, and creative workshops.

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Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

"The Support Collective has introduced me to others who have experienced or who are experiencing similar difficulties, or difficulties which might not be similar to ours but equally require support. It's a bringing together of people who want to do the best for their loved ones. It offers the opportunity to meet a variety of people, not just parents and carers but also, professionals from across the sectors of health and social care. We meet and find ways of navigating the care and funding systems that are really difficult to find one's way around. My experience of the Support Collective is entirely positive and one where families face their difficulties together, through information sharing and acknowledgement of the challenges we all face day to day." Support Collective member

Explorers: A collaborative national programme of art and action that opened up routes into artistic practice for neurominorities, aiming to dismantling attitudinal and systemic barriers to representation and rights in art and society. We worked with eight partners across England, creating platforms for neurodivergent artists to show their own artwork and represent themselves in cultural spaces. We worked with cultural organisations to deepen their understanding of neurodiversity, and we commissioned writing and other forms of communication to help change the discourse of how neurodivergent artists are positioned and described in culture.

23/24 was the final year of this seven year project, highlights of the year included: Project Art Works Residential major exhibition at Baltic Centre of Contemporary Art; Terrains of Care - a collaboration with Project Art Works, Reina Sofia Museum, Baltic, Northumbria University; I've got Ideas Don't You Worry a new film production; and three months of creative workshops in the North East working with local disabled adults and children.

Commissions, collaborations, exhibitions:

"I don't know any other organisations like this... There may be other groups that have social interaction and explore art for various people with disabilities and neurodiverse people but this is on another level. The amount that they put out there: sales, exhibitions and trips abroad. It's staggering! The effort PAW has put in to showcase that amount of art is really something." Exhibition visitor

RESIDENTIAL , BALTIC CENTRE FOR CONTEMPORARY ART 23rd September 2023 - 25th February 2024 The exhibition at Baltic was part of Explorers. Copenhagen Contemporary then commissioned Project Art Works to bring the exhibition to their space.

LUCY, JACK, GABBY , PHOENIX ART SPACE, 4th March - 23rd April 2024

This major exhibition initiated by Project Art Works and in collaboration with Phoenix Art Space, Brighton, presented the work of three emerging artists. The artists worked along the gallery team to develop the gallery installation, which featured paintings, sculptures and multimedia works. The exhibition was supported by a programme of residencies and workshops, including supported visits from social care groups and an open workshop for families. 1,882 people visited the exhibition in total and Lucy, Jack and Gabby each spent three days in residence in the gallery space once the exhibition was open, interacting with visitors, presenting their work and facilitating happenings.

THE ELLEN PREBBLE EXHIBITION , HASTINGS MUSEUM AND ART GALLERY, 20th January - 14th April 2024 This major exhibition initiated by Project Art Works and in collaboration with Hastings Museum & Art Gallery, it originated in a 2021interview with Ellen for BBC Radio 4's 'Front Row' programme, as part of the publicity around Project Art Works' nomination for the Turner Prize. In the interview, Ellen announced her intention to have a solo show of her work at the Hastings Museum and Art Gallery, which initiated a collaboration that saw Ellen co- curate a major exhibition which occupied the museum's main gallery.

TATE MODERN COLLABORATION , February 2024

Project Art Works hosted a residency as a commission by Tate Modern as part of Expressionists: Kandinsky, Münter and The Blue Rider.

To connect artists and studio workshops to the works of Expressionists: Kandinsky, Münter and The Blue Rider we set-up an environmental installation at our studio base in Hastings, using colour fields of blue, white and black, projections of paintings and environmental images we felt might stimulate imagination and connection to the works of Der Blaue Reiter. Documentation of the process including works produced and photography were published as part of the companion booklet Dialogues: Expressionists, available to buy in the Tate Modern.

Art on Loan

We continue to partner with Premier Inn who feature reproductions of artworks made in our studios in their hotel rooms across the UK and Germany. In 23/24 we established new partnerships with the Calouste Gulbenkian Foundation and with NESTA.

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Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

Future work

A Centre for Art & Care: We are in the process of developing our buildings and spaces across three connected sites. Part of The Arches is undergoing a capital refurbishment to improve access and heating and insulation with the building due to reopen in 2025. Our neighbouring building Trinity Hall is having improvement works carried out, which includes creating a new outside workshop and garden space. We are set to open a public facing gallery 5 minutes away from these buildings, in 12 Claremont in 2025. These spaces will host a national centre for art and care, exploring the relationships and dependencies between our practice and that of others in the field.

Diversifying income: We are actively exploring diverse income streams. In addition to researching potential trust and foundation funders, we are also exploring individual giving as a charitable income stream. We have recently launched a Friends of Project Art Works programme to attract monthly donations. Alongside this, we have established an enterprise arm which will enable us to generate more income from commercial activity; this will be supported by both an enhanced online presence (facilitated through the development of Untitled Gallery) and the opening of a high-street gallery space (in 2025). We are also securing increases in fees for many artist/makers, in recognition of the higher level of support that we provide, relative to day service settings.

Club Build: A new responsive programme, centred around community-based, supported studio sessions for autistic people who present behaviours of distress. Consolidating our existing work to provide stability for individuals and families who are facing escalating challenges to maintain their independence in the context of continuing cuts to services, CLUB BUILD draws on our 20+ years' experience working alongside services, commissioners, and families.

The programme seeks to fix environments, not people, and to create a space for individuals to reposition themselves, enabling them to transform expectations. The Club aims to provide for those who struggle to find appropriate community support and provision, and for their families and support teams, particularly at moments of transition or external pressures. Long-term collaborations with artists and their families, have been fundamental in shaping our understanding of what might be needed to enable people with more complex support needs to access provision within the community.

People

Our collective : You can find out about all of the people who form our organisation here: https://projectartworks.org/theorganisation/collective/

Senior Management Team

Kate Adams MBE is an artist, advocate and activist. She is CEO of Project Art Works and has curated many responsive, collaborative projects with neurominorities, families, care services, artists and galleries. Kate co-founded Project Art Works in 1997 to explore an expanded concept of art that was and continues to be influenced by Paul Colley, her son, who has complex support needs and regularly participates in our creative programmes in Hastings.

Tim Corrigan is an artist filmmaker and Creative Director at Project Art Works. He has extensive experience of video production, both as a cameraman and editor and leads on Project Art Works' moving image productions. In collaboration with the creative team, Tim leads on workshops and the installation of bespoke environments for personalised creative facilitation of a wide range of neurodivergent communities, having collaborated with Project Art Works since its early years.

Helen Charlton , Development Director, joined Project Art Works in 2019 and leads on fundraising, funder relationships, and project development.

Wendy Routley , Head of Finance & Operations, joined Project Art Works in 2003 and works closely with the team on financial and operational planning.

Representation of neurodivergent people and caregivers on our Board: We have experimented with different models to increase representation at board level. The normative environment of a board meeting, and the legal requirements associated with acting as a trustee, are not accessible to many of the people we work with, many of whom do not have voice or cognitive privilege. We have various models that ensure representation:

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Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

Supported volunteering: Responding to requests from neurodivergent artists who are part of our regular studio, we introduced informal opportunities for supported volunteering across our organisation. They are now involved in supporting facilitators working with children and young people on Art Breaks, representing the organisation at awareness raising events and training sessions with other cultural institutions, advising the board, and leading tours of our studio when we have visitors.

Governance

Three new Trustees were appointed during this year with two resignations. The board consists of 7 trustees and 2 neurodiverse artist/advocates.

The Board provides guidance, expertise and support to the organisation. A skills audit has been undertaken to enable the organisation to attract new board members that have the right skills to support key areas of organisational development as identified as part of the strategy.

Financial Review

Project Art Works continues to develop and renew relationships with a wide range of Trusts and Foundations and Statutory funders.

The financial climate during this period has been challenging with increased costs and high inflationary pressure. In recognition two key funders increased their grant contribution to mitigate the impact on the planned delivery.

Arch 3 - with a major capital programme set to break ground next financial year, we have worked with the Architects and contractors to mitigate risks. Undertaking a value engineering process, revising design and product specification without impacting on the finish to keep the costs within the funding target. We will continue to closely monitor progress going forward together with the contractors, architects and Project art Works Senior Management Team to monitor risk.

In October 2023, we set up Project Art Works Trading company to support core activity of Project Art Works. This area of work is relatively untapped, offering an opportunity to diversify and grow income. Profits from the Trading company will be donated to Project Art Works for the ongoing development of our programme in support of our beneficiaries. We have developed a business plan specific to income generation that reflects Project Art Works ambition, it includes delivering Awareness Raising Training to other cultural organisations and Corporates, sales of original artwork, reproductions, licensing and commissions. We anticipate adding venue hire and exploring other opportunities as we move forward and complete the capital programme.

Reserves policy

The Trustees annually consider the reserves policy and the risks facing the organisation. we aim to achieve 3 months reserves and contingent costs within the next five years. Ideally, reserves should be further developed to cover costs for a 6-month period thereby providing some protection for the organisation through fallow periods. Reserves income is generated through sales, commissions, licencing and Art on Loan.

Reserves were identified for two distinct areas:

a. 3 months operational costs

At the end of 23-24 financial year reserves stood at £94,877 against an initial target of £210,000. Our annual target to build reserves to this level is £22,300 per annum over the stated period of five years.

Fulfilment of Public Benefit Requirements of The Charities Act 2022

Project Art Works is a unique visual art organization that creates opportunities with and for children, young people and adults who have complex needs to engage with the world and express themselves through art. Project Art Works is based in Hastings, East Sussex and runs a range of projects, programmes and exhibitions that have a national reach.

STRATEGIC REPORT

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

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Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

Trustees

New trustees are appointed on the nomination of the Trustees made in the light of the Charity's needs and following an interview. Their induction includes meeting office staff, being briefed on procedures, and addressing any training needs they may have.

Management

The day to day management has been delegated to K Adams. The trustees held four board meetings during the year which were also attended by key personnel.

Major risks have been have been reviewed and systems and procedures have been established to manage the risks.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The major risks have been reviewed and systems and procedures have been established to manage those risks.

Throughout the course of the year, Trustees were kept appraised by senior management of potential external threats and opportunities to the organisation.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

05115045 (England and Wales)

Registered Charity number

1104301

Registered office

Arch 3 Braybrook Terrace Hastings East Sussex TN34 1TD

Trustees

N Candler (resigned 30.10.23) M Purdey (resigned 21.7.23) C Whistler N L Farrington (deceased 14.2.24) J N Cannell N Ewbank S E Young M-E L Sexton (appointed 16.5.23) G L Pugh (appointed 31.7.23) V H Hooper (appointed 30.10.23)

Company Secretary

W Routley

Auditors

Deeks Evans Audit Services Limited Statutory Auditor First Floor, West Barn North Frith Farm, Ashes Lane, Hadlow Tonbridge Kent TN11 9QU

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Project Art Works

Report of the Trustees for the Year Ended 31 March 2024

TRUSTEES' RESPONSIBILITY STATEMENT

The trustees (who are also the directors of Project Art Works for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" .

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

We, the trustees of the charitable company who held office at the date of approval of these Financial Statements, as set out above, each confirm that as far as we aware, that:

AUDITORS

The auditors, Deeks Evans Audit Services Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on 28 October 2024 and signed on the board's behalf by:

N Ewbank - Trustee

Page 6

Report of the Independent Auditors to the Members of Project Art Works

Opinion

We have audited the financial statements of Project Art Works (the 'charitable company') for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Members of Project Art Works

Responsibilities of trustees

As explained more fully in the Trustees’ Responsibilities Statement, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to Ih our procedures are capable of detecting Irregularities, IIing fraud Is detailed below:

Audit procedures carried out to detect irregularities including fraud were as follows:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements in the financial statements or non-compliance with regulations. This risk increases the more that compliance with the law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of the instances of noncompliance.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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Report of the Independent Auditors to the Members of Project Art Works

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Richard Young (Senior Statutory Auditor) for and on behalf of Deeks Evans Audit Services Limited Statutory Auditor First Floor, West Barn North Frith Farm, Ashes Lane, Hadlow Tonbridge Kent TN11 9QU

28 October 2024

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Project Art Works

Consolidated Statement of Financial Activities

for the Year Ended 31 March 2024

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Other trading activities
3
Investment income
4
Total
EXPENDITURE ON
Raising funds
5
Charitable activities
6
Projects
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
20
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
(28,083)
98,323
13,951
84,191
13,487
220,968
234,455
(150,264)
321,051
170,787
126,868
297,655		 Restricted
funds
£
989,013
89,486
1,782
1,080,281
4,632
1,101,499
1,106,131
(25,850)
(321,051)
(346,901)
1,115,046
768,145		 2024
Total
funds
£
960,930
187,809
15,733
1,164,472
18,119
1,322,467
1,340,586
(176,114)
-
(176,114)
1,241,914
1,065,800		 2023
Total
funds
£
1,330,626
136,425
1,230
1,468,281
15,681
1,138,572
1,154,253
314,028
-
314,028
927,886
1,241,914

The notes form part of these financial statements Page 10

Project Art Works

Consolidated Balance Sheet

31 March 2024

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2024
£
781,723
39,230
948,424
987,654
(411,008)
576,646
1,358,369
(292,569)
1,065,800
297,656
768,144
1,065,800		 2023
£
792,028
59,720
1,199,307
1,259,027
(59,141)
1,199,886
1,991,914
(750,000)
1,241,914
126,868
1,115,046
1,241,914

The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2024 and were signed on its behalf by:

N Ewbank - Trustee

C Whistler - Trustee

The notes form part of these financial statements Page 11

Project Art Works

Company Balance Sheet

31 March 2024

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
13
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
14
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT LIABILITIES
CREDITORS
Amounts falling due after more than one year
15
NET ASSETS
FUNDS
20
Unrestricted funds
Restricted funds
TOTAL FUNDS		 2024
£
781,723
36,139
948,424
984,563
(407,917)
576,646
1,358,369
(292,569)
1,065,800
297,656
768,144
1,065,800		 2023
£
792,028
59,720
1,199,307
1,259,027
(59,141)
1,199,886
1,991,914
(750,000)
1,241,914
126,868
1,115,046
1,241,914

The financial statements were approved by the Board of Trustees and authorised for issue on 28 October 2024 and were signed on its behalf by:

N Ewbank - Trustee

C Whistler - Trustee

The notes form part of these financial statements Page 12

Project Art Works

Consolidated Cash Flow Statement for the Year Ended 31 March 2024

Notes
Cash flows from operating activities
Cash generated from operations
23
Interest paid
Net cash (used in)/provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
Cash flows from financing activities
New loans in year
Loan repayments in year
Net cash (used in)/provided by financing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 2024
£
(134,541)
(33,846)
(168,387)
(113)
6,133
6,020
-
(88,516)
(88,516)
(250,883)
1,199,307
948,424		 2023
£
343,872
(11,250)
332,622
(750,131)
1,230
(748,901)
750,000
-
750,000
333,721
865,586
1,199,307

The notes form part of these financial statements Page 13

Project Art Works

Notes to the Consolidated Financial Statements for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES

Accounting convention

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Incoming resources

All incoming resources are included in the statement of financial activities when the charity is entitled to the income and the amount can be quantified with reasonable accuracy. The following specific policies are applied to particular categories of income:

Voluntary income is received by way of donations and gifts and is included in full in the statement of financial activities when received.

Non Government Grants, including grants for the purchase of fixed assets, are recognised at fair value when the charity has entitlement after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. If entitlement is not met then these amounts are deferred.

Income from investments is included in the year in which it is receivable.

Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes VAT which cannot be recovered, and is reported as part of the expenditure to which it relates.

Costs of generating funds comprise the costs associated with running specific projects. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity and includes the audit fee.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost of each asset over its estimated useful life.

Short leasehold - over the lease term Fixtures and fittings - 50% on reducing balance

Where freehold property has not been depreciated this is because the trustees believe the current value to be reasonable.

All assets with a net book value of less than £100 were written off in the year.

Debtors receivable and creditors payable within one year

Debtors and creditors receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Taxation

The Charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trusteess.

Restricted funds can only be used for particular restricted purposes within the objects of the Charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

continued…..

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Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued

Fund accounting

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.

Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

Going concern

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Grants
HMRC employment allowance
Other income
Grants received, included in the above, are as follows:
Other
Arts Council England
Sussex Community Foundation
The Rayne Foundation
The Three Guineas Trust
The Paul Hamlyn Foundation
East Sussex County Council
The Magdalen and Lasher Charity
The Bailey Thomas Foundation
BBC Children in Need
The Chalk Hill Trust
The National Lottery
Esmee Fairbairn Foundation
Calouste Gulbenkian
Garfield Weston Foundation
The Isabel Blackman Foundation		 2024
£
17,879
759
927,877
5,000
9,415
960,930
2024
£
19,627
513,500
-
-
157,500
68,750
-
5,000
-
-
-
83,500
75,000
-
-
5,000
927,877		 2023
£
35,510
630
1,289,328
5,000
158
1,330,626
2023
£
160,508
574,602
3,500
25,000
91,213
68,750
14,425
5,000
3,000
40,230
3,000
83,500
96,600
25,000
95,000
-
1,289,328

continued…..

Page 15

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

3. OTHER TRADING ACTIVITIES

Fees Earned
Sale of works
4.
INVESTMENT INCOME
Rents received
Deposit account interest
5.
RAISING FUNDS
Other trading activities
Participants artwork
Postage, printing & stationery
Artists & design fees
Payment fees
6.
CHARITABLE ACTIVITIES COSTS
Projects
7.
SUPPORT COSTS
Projects
Support costs, included in the above, are as follows:
Wages
Social security
Pensions
Rent, utilities & insurance
Telephone & internet
Postage & Stationery
Travel & subsistence
Repairs
Bank charges
Carried forward
Page 16		 Direct
Costs
£
1,108,676
Management
£
160,945

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

7. SUPPORT COSTS - continued

SUPPORT COSTS - continued
Brought forward
Bad debts
Depreciation of tangible and heritage assets
Auditors' remuneration
Professional fees
Interest payable and similar charges
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets		 2024
Projects
£
157,891
23
3,031
15,600
3,400
33,846
213,791
2024
£
15,600
10,418		 2023
Total
activities
£
148,248
1,650
3,315
7,380
17,742
11,250
189,585
2023
£
7,380
11,836

8. NET INCOME/(EXPENDITURE)

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.

10. STAFF COSTS

STAFF COSTS
2024 2023
£ £
Wages and salaries 414,553 388,972
Social security costs 41,939 41,871
Other pension costs 20,026 19,448
476,518 450,291
The average monthly number of employees during the year was as follows:
2024 2023
Programme & Administration staff 12 11
The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:
2024 2023
£60,001 - £70,000 - 1

Key personal remuneration benefits for the year were £203,859 (2023 - £197,165).

continued…..

Page 17

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted
funds
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
45,645
Other trading activities
101,129
Investment income
1,230
Total
148,004
EXPENDITURE ON
Raising funds
15,681
Charitable activities
Projects
175,051
Total
190,732
NET INCOME/(EXPENDITURE)
(42,728)
RECONCILIATION OF FUNDS
Total funds brought forward
169,596
TOTAL FUNDS CARRIED FORWARD
126,868
12.
TANGIBLE FIXED ASSETS – Group and charity
Freehold
Short
property
leasehold
£
£
COST
At 1 April 2023
750,131
97,443
Additions
-
-
At 31 March 2024
750,131
97,443
DEPRECIATION
At 1 April 2023
-
63,653
Charge for year
-
5,650
At 31 March 2024
-
69,303
NET BOOK VALUE
At 31 March 2024
750,131
28,140
At 31 March 2023
750,131
33,790		 Restricted
funds
£
1,284,981
35,296
-
1,320,277
-
963,521
963,521
356,756
758,290
1,115,046
Fixtures
and
fittings
£
55,531
113
55,644
47,424
4,768
52,192
3,452
8,107		 Total
funds
£
1,330,626
136,425
1,230
1,468,281
15,681
1,138,572
1,154,253
314,028
927,886
1,241,914
Totals
£
903,105
113
903,218
111,077
10,418
121,495
781,723
792,028

Included in cost or valuation of land and buildings is freehold land of £750,131 (2023 - £750,131) which is not depreciated.

continued…..

Page 18

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2024
2023
£
£
Trade debtors
23,477
44,643
Amounts owed by group undertakings
-
-
Prepayments and accrued income
15,753
15,077
39,230
59,720
14.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Group
2024
2023
£
£
Other loans (see note 16)
368,915
-
Trade creditors
7,335
39,606
Social security & other taxes
10,572
5,746
Other creditors
9,486
7,489
Accrued and deferred income
14,700
6,300
411,008
59,141
15.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
2024
2023
£
£
Other loans (see note 16)
292,569
750,000
16.
LOANS
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Other loans
Amounts falling between one and two years:
Other loans - 1-2 years
Amounts falling due between two and five years:
Other loans - 2-5 years
Amounts falling due in more than five years:
Other loans more 5yrs instal		 Charity
2024
2023
£
£
10,993
44,643
9,393
-
15,753
15,077
36,139
59,720
Charity
2024
2023
£
£
368,915
-
7,244
39,606
10,572
5,746
9,486
7,489
11,700
6,300
407,917
59,141
Charity
2024
2023
£
£
292,569
750,000
2024
2023
£
£
368,915
-
35,394
-
116,240
295,723
140,935
454,277

Since the year end the Charity received funding in the way of a Levelling Up grant which enabled it to make payments of £350,000 against the loan.

continued…..

Page 19

Project Art Works

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

Within one year
Between one and five years
In more than five years		 2024
£
17,500
70,000
32,747
120,247		 2023
£
17,500
70,000
50,247
137,747

18. SECURED DEBTS

The following secured debts are included within creditors:

Other loans 2024
£
661,484		 2023
£
750,000

Nesta Arts & Culture Impact LLP have a fixed and floating charge over the freehold property.

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS - Group

Fixed assets
Current assets
Current liabilities
Long term liabilities
MOVEMENT IN FUNDS
Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
Paul Hamlyn - projects
Paul Hamlyn - core
TOTAL FUNDS		 Unrestricted
funds
£
750,626
223,555
(383,9565)
(292,569)
297,656
At 1.4.23
£
32,835
94,033
126,868
120,000
601,498
34,792
296,256
32,500
30,000
1,115,046
1,241,914		 Restricted
funds
£
31,097
764,099
(27,052)
-
768,144
Net
movement
in funds
£
(154,677)
4,414
(150,263)
(137,432)
(332,049)
73,500
370,130
-
-
(25,851)
(176,114)		 2024
Total
funds
£
781,723
987,654
(411,008)
(292,569)
1,065,800
Transfers
between
funds
£
324,621
(3,570)
321,051
(13,020)
254,245
(66,020)
(433,756)
(32,500)
(30,000)
(321,051)
-		 2023
Total
funds
£
792,028
1,259,027
(59,141)
(750,000)
1,241,914
At
31.3.24
£
202,779
94,877
297,656
(30,452)
523,694
42,272
232,630
-
-
768,144
1,065,800

20. MOVEMENT IN FUNDS

continued…..

Page 20

Project Art Works

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
TOTAL FUNDS		 Incoming
resources
£
79,777
4,414
84,191
-
460,528
73,500
546,253
1,080,281
1,164,472		 Resources
expended
£
(234,454)
-
(234,454)
(137,432)
(792,577)
-
(176,123)
(1,106,132)
(1,331,312)		 Movement
in funds
£
(154,677)
4,414
(150,263)
(137,432)
(332,049)
73,500
370,130
(25,851)
(176,114)

Comparatives for movement in funds

Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
Big Lottery Fund Capital Grant
Paul Hamlyn - projects
Arts Council - core
Paul Hamlyn - core
TOTAL FUNDS		 Net
movement
At 1.4.22
in funds
£
£
84,565
(44,640)
85,031
1,912
169,596
(42,728)
5,921
3,286
416,389
162,493
50,000
77,942
34,583
195,524
7,987
-
157,349
32,500
39,348
(144,989)
46,713
30,000
758,290
356,756
927,886
314,028		 Transfers
between
funds
£
(7,090)
7,090
-
110,793
(46,521)
(24,013)
66,149
(7,987)
(157,349)
105,641
(46,713)
-
1
-
1		 At
31.3.23
£
32,835
94,033
126,868
120,000
532,361
103,929
296,256
-
32,500
-
30,000
,115,046
,241,914

continued…..

Page 21

Project Art Works

Notes to the Consolidated Financial Statements - continued

for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
Paul Hamlyn - projects
Arts Council - core
Paul Hamlyn - core
TOTAL FUNDS		 Incoming
resources
£
146,092
1,912
148,004
6,250
592,673
83,500
422,924
32,500
152,430
30,000
1,320,277
1,468,281		 Resources
expended
£
(190,732)
-
(190,732)
(2,964)
(430,180)
(5,558)
(227,400)
-
(297,419)
-
(963,521)
(1,154,253)		 Movement
in funds
£
(44,640)
1,912
(42,728)
3,286
162,493
77,942
195,524
32,500
(144,989)
30,000
356,756
314,028

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
Big Lottery Fund Capital Grant
Paul Hamlyn - projects
Arts Council - core
Paul Hamlyn - core
TOTAL FUNDS		 At 1.4.22
£
84,565
85,031
169,596
5,921
416,389
50,000
34,583
7,987
157,349
39,348
46,713
758,290
927,886		 Net
movement
in funds
£
(199,317)
6,326
(192,991)
(134,146)
(169,556)
151,442
565,654
-
32,500
(144,989)
30,000
330,905
137,914		 Transfers
between
funds
£
317,531
3,520
321,051
97,773
207,724
(90,033)
(367,607)
(7,987)
(189,849)
105,641
(76,713)
(321,051)
-		 At
31.3.24
£
202,779
94,877
297,656
(30,452)
454,557
111,409
232,630
-
-
-
-
768,144
1,065,800

continued…..

Page 22

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

20. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Unrestricted funds
General Designated funds
Reserve
Restricted funds
Capital
Projects
National Lottery
Arts Council
Paul Hamlyn - projects
Arts Council - core
Paul Hamlyn - core
TOTAL FUNDS		 Incoming
resources
£
225,869
6,326
232,195
6,250
1,053,201
157,000
969,177
32,500
152,430
30,000
2,400,558
2,632,753		 Resources
expended
£
(425,186)
-
(425,186)
(140,396)
(1,222,757)
(5,558)
(403,523)
-
(297,419)
-
(2,069,653)
(2,494,839)		 Movement
in funds
£
(199,317)
6,326
(192,991)
(134,146)
(169,556)
151,442
565,654
32,500
(144,989)
30,000
330,905
137,914

Purpose of funds

Purposes of unrestricted funds

The General Designated fund represents the amounts received by the charity designated by the trustees to cover core costs and specific ongoing projects..

The Reserve fund represents funds held as a contingency in line with the reserves policy of the charity as detailed in the Report of the Trustees. During the year £844 (2023 - £9,002) was added to the fund.

Purposes of restricted funds

These are projects where grant conditions have been imposed on them.

The restricted capital fund represents the net book value of tangible fixed assets used in projects. Each year an amount is transferred to or from the fund representing the movement in the net book value of tangible fixed assets which were acquired from restricted projects

Transfers

Transfers are made between core costs and individual projects to redistribute funding in line with conditions attaching to the grants originally received.

21. EMPLOYEE BENEFIT OBLIGATIONS

Defined benefit pension contributions of £20,026 (2023 - £19,448) are recognised in the Statement of Financial activities.

These pension contributions are allocated to fund on the same basis as the gross salaries.

Included in other creditors is £3,447 (2023 - £3,214) in respect of pension contributions.

continued…..

Page 23

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

22. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2024.

23. RECONCILIATION OF NET (EXPENDITURE)/INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES

ACTIVITIES
Net (expenditure)/income for the reporting period (as per the
Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Interest paid
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash (used in)/provided by operations		 2024
£
(176,114)
10,418
(6,133)
33,846
(20,490)
(17,048
(134,541)		 2023
£
314,028
11,837
(1,230)
11,250
(15,200)
23,187
343,872

24. ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank and in hand
Debt
Debts falling due within 1 year
Debts falling due after 1 year
Total		 At 1.4.23
£
1,199,307
1,199,307
-
(750,000)
(750,000)
449,307		 Cash flow
£
(250,883)
(250,883)
(368,915)
457,431
88,516
(162,367)		 At 31.3.24
£
948,424
948,424
(368,915)
(292,569)
(661,484)
286,940

25. INVESTMENT IN SUBSIDIARY COMPANY - Charity

Project Art Works Trading Limited

Registered office: Trinity Hall, Braybrooke Terrace, Hastings, East Sussex. TN34 1HQ Nature of business: Assisting the development of opportunities through creative art and the selling of art for people with complex needs.

%
Class of shares:
holding
Ordinary
100.00
Aggregate capital and reserves
Profit/(loss) for the year		 2024
£
1
-		 2023
£
-
-

In November 2023 the Charity formed a trading company to assist take advantage of commercial opportunities to generate additional funding to assist with the charity core aims. 100% of the profits are donated to the Charity.

continued…..

Page 24

Project Art Works

Notes to the Consolidated Financial Statements - continued for the Year Ended 31 March 2024

26. ULTIMATE CONTROLLING PARTY

The charity is controlled by its trustees.

27. COMPANY LIMITED BY GUARANTEE

Project Art Works is a company limited by guarantee and accordingly does not have a share capital. Every member of the company undertakes to contribute such amount as may be required not exceeding £1 to the assets of the charitable company in the event of its being wound up while he or she is a member, or within one year after he or she ceases to be a member.

Page 25

Project Art Works

Detailed Consolidated Statement of Financial Activities for the Year Ended 31 March 2024

INCOME AND ENDOWMENTS
Donations and legacies
Donations
Gift aid
Grants
HMRC employment allowance
Other income
Other trading activities
Fees Earned
Sale of works
Investment income
Rents received
Deposit account interest
Total incoming resources
EXPENDITURE
Other trading activities
Participants artwork
Postage, printing & stationery
Artists & design fees
Payment fees
Charitable activities
Wages
Social security
Pensions
Artist fees
Artist planning/induction
Staff training
Project evaluation
Archivist
Editing
Professional fees
Materials
Photography & film
Fees, submissions & art fairs
Exhibition costs
Equipment and venue hire
Rent, utilities & insurance
Computer & website costs
Postage & stationery
Carried forward		 2024
£
17,879
759
927,877
5,000
9,415
960,930
128,024
59,785
187,809
9,600
6,133
15,733
1,164,472
2,349
3,025
12,289
456
18,119
305,635
30,068
14,569
188,245
7,115
4,212
7,776
14,538
-
53,485
47,398
2,800
32
12,178
13,597
43,912
11,104
-
756,664		 2023
£
35,510
630
1,289,328
5,000
158
1,330,626
80,252
56,173
136,425
-
1,230
1,230
1,468,281
2,269
1,092
12,007
313
15,681
288,635
30,596
14,420
191,168
7,033
5,818
16,540
11,040
1,705
35,102
21,547
616
395
1,342
1,325
33,406
12,479
214
673,381

The pages does not form part of the statutory financial statements Page 26

Project Art Works

Detailed Statement of Financial Activities for the Year Ended 31 March 2024

Charitable activities
Brought forward
Travel & subsistence
Events & conferences
Hospitality
Health & safety regulations
Repairs
Subscriptions
Venue hire
Miscellaneous
Technical support
Specialist support
Explorers partners
Fundraising
Marketing
Short leasehold amortisation
Fixtures & fittings depreciation
Support costs
Management
Wages
Social security
Pensions
Rent, utilities & insurance
Telephone & internet
Postage & Stationery
Travel & subsistence
Repairs
Bank charges
Bad debts
Short leasehold amortisation
Fixtures & fittings depreciation
Governance costs
Auditors' remuneration
Professional fees
Bank interest
Bank loan interest
Total resources expended
Net (expenditure)/income		 2024
£
756,664
45,796
40,540
1,998
102,182
138,132
1,029
-
4,510
-
5,370
-
3,900
1,168
5,650
1,737
1,108,676
108,918
11,871
5,457
22,199
3,068
2,865
2,119
1,339
55
23
-
3,031
160,890
15,600
3,400
11,167
22,679
52,846
1,340,586
(176,114)		 2023
£
673,381
54,975
4,449
3,579
4,397
34,668
1,730
130
5,223
3,580
5,530
144,315
3,300
1,208
5,558
2,964
948,987
100,337
11,275
5,028
14,555
2,369
3,670
1,569
8,896
549
1,650
2,160
1,155
153,213
7,380
17,742
-
11,250
36,372
1,154,253
314,028

The pages does not form part of the statutory financial statements Page 27